We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Details... Table at bottom of this page
http://www.anh.gov.co/Lists/Noticias/VisorNoticias.aspx?ID=443&ContentTypeId=0x01004E9AFCC31D98412FB626EFBC26D9F668000F6F2EF254C01E419A81FE4A25D81682
Great News - a Christmas present for Geo Park.
Will surely help in negotiations with Oxy on the carve up of the assets after we are dispossessed.
As I've said previously, I do not believe JW and perhaps even the 2 parasite directors want to sell - that's why I think if we voted against the deal JW would stay on.
26m USD work commitment over 3 years. Way things have been going recently I expect them to knock this off the 315l geopark are paying!!! ;-)
Seriously though, hopefully some bids were pending news of these awards so perhaps we'll see some movement? Ojalá!
or is already baked in?
?
Amerisur Resources Plc ("Amerisur" or the "Company")
Block Award
Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused onshore Colombia (LSE: AMER), announces a portfolio update.
The ANH announced that as part of the Proceso Permanente de Asignacion de Areas 2019 round Amerisur Resources was awarded Block PUT-36. The company holds a 100% working interest in the block that covers approximately 59,902 hectares and lies within the Putumayo basin, immediately north of the 50% owned Mecaya Block. The work commitments in the first phase (over 36 months) include acquisition of 3D seismic and two exploration wells with a minimum spend of $26m.
John Wardle, CEO of Amerisur Resources said:
"We are pleased to secure acreage that expands our strategic position in the Putumayo Basin, onshore southern Colombia".
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Technical information in this announcement has been reviewed by John Wardle Ph.D., the Company's Chief Executive. John Wardle has 33 years' experience in the industry, having worked for BP, Britoil, Emerald Energy and Pebercan, and is a trained drilling engineer.
Thanks 50
Think there's no limit on dates for counter bids. Scheme doc has to be with 28 days and all has to be tied up by Apr 2020.
Think until shareholders agree as per the scheme (or geopark have 50% if scheme fails) it's open for others to come in.
It would appear we are just waiting for the fat lady then. Is it two weeks for a counter bid ? I read somewhere on here any counter bid had to be within two weeks , is that correct?
If so Friday is two weeks and barring a no vote that's surely it?
I cannot see a no vote happening.
*there! ouch
The Malcy Blogs news on Amerisur has comments on their and only one comment to date. For those interested in raising issues about shareholder dissatisfaction I would suggest this could be one way to raise them.
Not sure if other media avenues that have reported that could be used?
https://www.malcysblog.com/2019/11/oil-price-savannah-amerisur-dgo-and-finally/
Contacts below from the recent RNSs. Would be worthwhile getting in touch with some of them I think. I'm out of the UK so doesn't work for me with time difference and comms. Any takers?
Would be useful to get the message out that there is a) significant dissatisfaction with the current offer; and b) that there is desire to see what other bids were submitted as PIs may be willing to accept part share/cash offers (my view - not sure how representative)
HARGREAVE HALE LIMITED
VICTORIA LIDDLE
01624 690127
Hermes Investment Management Limited
Harman Bholowasia
020 7680 2316
FIL Limited
Kevin Petley
+ 353 1 223 1495
AXA Investment Managers
Sabrina AID
+33 1 44 45 94 75
Etablissements Maurel & Prom S.A
Alain Torre
+33 1 53 83 16 00
Grandeur Peak Global Advisors, LLC
Dustin Brown
801.384.0043
River and Mercantile Asset Management LLP
No name
0207 601 6262
ODDO BHF Asset Management SAS
Sophie SABRI
+33 1 44 51 85 20
Killik & Co LLP
Paul Skevington
02073370763
Michinoko
Jonathan Biddle
+41 32 723 1066
Arden
Norman Gould
020 7614 5935
Samantha Cook
020 7614 5927
Investec Bank plc
Rich White
0207 597 5462
Jacqueline Lovis
0207 597 4815
Stifel (Nomad, Joint Broker and Joint Financial Adviser to Amerisur)
Callum Stewart
Jason Grossman
Ashton Clanfield
Tel: +44 (0)207 710 7600
The guilty men are: Giles Clarke, Harrison and Wardle...ably abetted by a supine set of NEDs led by Alex Snow
Yet another deception
Going to be sickening if they ramp up post deal - which I suspect they will. CPO-5 increases will confirm ONGC, OBA increases will confirm board were holding this co back.
From Clarke: ""The first half of 2019 delivered important corporate milestones. These included first oil from Indico, approval of the transformational farm out of acreage with Occidental and starting transportation of third party oil through the OBA pipeline. This reliable low cost export route has positive implications for development of the Putumayo basin with the potential to be a material source of additional revenue for the company. We end the period with a robust net cash position of $46m.
I am pleased to report that following steady production growth in the year-to-date, we anticipate reaching or exceeding the top end of our production guidance of 5,000-6,000 BOPD.
For the remainder of the year, we remain focused on building production to the top end of guidance, appraising the Indico field and progressing the competitive FSP in order to maximise value for all shareholders."
Well stated and very concise and true picture. So why are we selling , 'its not for the good of us share holders'.
The Investment Case that is on the webiste, really does expose why Clarke , Wardle and the CFO should never ever again be allowed anywhere near quoted companies. Utterly disgraceful....what is even more dreadful is the brass neck to suggest this is a good deal, wave the white flag, offer no alternative stand-alone carry-on vision, and abandon ship. Clarke's reputation was full of holes before this but is absolutely shredded now.
A compelling investment case
Colombia focus - low cost onshore oil
- Prime position in proven Putumayo and Llanos basins with established infrastructure
- Short cycle time from exploration to production
- Brent linked pricing
- Established in-country oilfield services sector
- Business friendly political environment
Strategic deal with Occidental Petroleum
- $93.25m transformational farm-out signed with Occidental in 2018 to fund exploration in the Putumayo basin
- Industry endorsement from a player active in Colombia for decades
Active drilling programme across material resource base
- 12 blocks across the prolific Llanos and under explored Putumayo basins
- Putumayo acreage covers light to heavy oil gradation in excellent reservoirs, big field potential
- CPO-5 is key acreage in the most important Llanos basin play, on trend with most important recent discoveries
- Exploration portfolio of around 912 MMBO of unrisked prospective resources
Debt free growth - maintain balance sheet strength
- Cash generation and balance sheet strength used to fully fund the ongoing exploration campaign
- Debt free balance sheet, strong cash position and positive operating cashflow
Own strategic export infrastructure - OBA pipeline
- Provides a reliable, low cost route through to Pacific coast with technical capacity of 50 - 70,000 BOPD to support future growth
- Investment in the asset was fully recovered within 15 months of operation through transport cost savings
- Transportation of third party oil commenced in May 2019
Experienced board and management team
- Experienced board with in country CEO and technical management team
- Strong community relations developed over the course of a decade of operating onshore Colombia and Paraguay
- Full compliance with QCA code
Are the boards not working or have there really been no posts since 2.31 yesterday afternoon?
OOOPS typed proceeds twice in previous post, still only get them once !
Just now received letter in post from HSBC
''Shareholders will have their stock exchanged for cash on the following basis:
You'll receive GBP 0.1921 for every ordinary share held in Amerisur resources PLC
The recommended cash offer by Geopark Limited will be effected by means of a Scheme of Arrangement under part 26 of the UK Companies Act 2006
The exchange offer is expected to become effective in December 2019 or January 2020
The proceeds proceeds resulting from the exchange offer are due to be paid on a date to be advised,..... blah blah ...and paid to your account as soon as possible''
If this offer goes through, then the price is crystallised. If the offer fails, and everyone walks away, then we live to fight another day, even if the SP retreats to 12p!
Don't forget the SP was walked down from 20p to 12p due to RH dripping vast numbers of shares into the market.
I reiterate that it is essential not to lose sight of the fundamentals:
Amer is producing at over 6,400 bopd.
We have significant infrastructure ownership.
Between the estimated value of the CPO-5, Platanillo, OBA, Oxy carry, and cash, the net asset value of Amerisur is roughly US$670 million. The Geo offer vales the company at US$315 million - an implied discount of over 50%.
And when you dial in the $60m cash balance, the offer is actually worth 16p a share !!!
''but the downside is limited''
limited to what jointhedots? If Geo offer fails to get voted through and they then walk away and M&P offer is then said to be no longer on the table and no other offer is immediately visible to the market then this s/p could go decently/significantly down in at least the short term, perhaps?
If pickedpecks post might be perceived as derampy, your last para might equally be perceived as rampy imho
I'd offer that significant upside remains a possibility and significant downside remains a possibility too and lots in between a possibility too. Indeed, as in life, most everything remains a 'possibility'
22-Nov-19 16:42:42 18.58 2,500,000 Buy* 18.54 18.56 464.50k O
pickedpeck "Unless a counter bid emerges in the next few days the only reason to stay will be the 3% premium for the final sale price versus the current open market. "
Why make statements like that? So clearly untrue! I spent many months trying to dispel misleading posts from posters who make statements of fact that are nothing of the sort, let's not go down that road again. It's an opinion not a fact
When Occidental bought Anadarko, they came in late with a bid - II's will change their mind if a good offer comes in and maybe someone is waiting to see the full supporting text of the Geo offer to cut off the BoD's riddle to provide justification to reject an alternative.
Notwithstanding you don't know who is buying shares, the deal is not approved until after the shareholder vote and neither Geo or any of their agents are allowed to destabilise the SP during this process - to accumulate and not notify could prejudice the whole process.
Agree, this is worrisome but the downside is limited. though approximately 3.5% gain is downside and significant upside remains a possibility.